FORT WORTH, Texas, Dec. 20, 2018 /PRNewswire/ -- Kimbell Royalty Partners, LP (NYSE: KRP) ("Kimbell") today announced that it has closed the previously announced purchase of certain oil and gas royalty assets from certain affiliated sellers for 6.5 million newly issued units in Kimbell Royalty Operating, LLC valued at approximately $90.0 million (the "Drop Down"). Kimbell is entitled to revenues from the Drop Down assets for production on and after October 1, 2018. Revenues under generally accepted accounting principles in the United States will be recorded beginning on the closing date of December 20, 2018.
The Drop Down acquisition includes a diversified package of royalty interests with over 70% of production (6:1) from premier resource plays, including the Eagle Ford Shale, Permian Basin, Appalachian Basin and Bakken Formation. In addition, the Drop Down adds approximately 1,190 Boe/d of production (6:1) and adds approximately 16,700 net royalty acres, increasing Kimbell's total net royalty acre position by 15% to approximately 131,900 net royalty acres across the continental United States.
About Kimbell Royalty Partners
Kimbell (NYSE: KRP) is an oil and gas mineral and royalty limited partnership based in Fort Worth, Texas. Kimbell is managed by its general partner, Kimbell Royalty GP, LLC. Kimbell owns mineral and royalty interests in approximately 12.1 million gross acres in 28 states and in nearly every major onshore basin in the continental United States, including ownership in more than 86,000 gross producing wells with over 38,000 wells in the Permian Basin. To learn more, visit http://www.kimbellrp.com.
Dennard Lascar Investor Relations
SOURCE Kimbell Royalty Partners, LP